A mortgage broker is a person who brokers mortgage loans for individuals, companies, or other financial institutions. A mortgage broker’s services include locating a lender that offers the best loan rate, negotiating with a borrower to obtain the best loan terms, and presenting borrowers with the best loan options. A mortgage broker is licensed through the Office of the Comptroller of the Currency or the Better Business Bureau to ensure that brokers are following the laws and regulations that apply to them. These laws and regulations tend to be very strict and a broker who does not follow these guidelines can get in serious trouble with their clients. As a mortgage broker you will have a large mailing list consisting of various lenders and banks. These mailing lists are used to find the best deals for your clients. Click here to read North Perth Orange Mortgage & Finance Brokers
A mortgage broker may also be able to help you find a mortgage through one of the many online lenders. Online lenders are very useful because they do not require you to meet with brokers; however, you will still need to use the broker’s resources and services. An example of a service, a broker may provide would include lending calculators. With a mortgage calculator you can estimate how much your monthly payment would be with different loan terms. The mortgage calculator will allow you to compare several different loans so you can make an informed decision before applying for a loan.